Closed my DSX Options for a Profit

This morning I said I would NOT buy my DSX options back for a loss since it looked like it was ready to rebound.  It did - starting about seven minutes after I posted my analysis.  I rose $1 which was nearly all intrinsic value for my naked puts, so I decided to exit with a profit.  I still like DSX, but instead of writing a covered call on it, I’ll write new naked puts for February when the new contracts are posted on Monday.

I entered the position back on 10/18/07 and received $567.00 after commissions.  This afternoon at 3:20, while DSX was trading at 29.17, I paid $352.99 to exit the position with a $214.01 profit.  I started the day with a $200 paper loss on it.  The rest of my December options are expiring out of the money leaving me with a great path for the next few weeks while I build up my February contracts.  It’s nice to see Santa Claus decided to show up again this year.

These are my options expiring worthless:

Symbol    Qty      Description
+HPQXJ   -2       HPQ Dec 50 Put
+UVAXZ  -3       NVDA Dec 32.5 Put
+RLXL     -2       RL Dec 60 Put
+FCNXJ   -2       FCN Dec 50 Put